simple, it announced the old ceo steven johnson who has been running the company some say running the company into the ground for the last four years will be retiring later this month. going to be replaced by david dixon. and before that he ran the u.s. arm of technip a terrific energy construction firms that's one of the principal competitors. dixon has 23 years of offshore experience. that's right, in engineering construction for oil fields and i think he's the right guy for the job. i think he has the experience to turn the company around. mcdermott's management is being revamped, but that alone will not make for a turn around, creates the potential for one. what do i think is happening could encourage shareholders? first of all, and this is crucial in any stock story comeback. after all the company's missteps, the expectations for mcdermott have gotten so low that the stock seems to be impervious to bad news. what i regarded as a disappointing quarter. earnings coming in well below expectations. company's backlog decreasing an astounding 9% and serious execution issues in the regi